The yuan-denominated board was opened in the China (Shanghai) Pilot Free Trade Zone (FTZ), a move to encourage foreign participation in China’s tightly controlled gold market.

The launch will mark the first time China has allowed foreign investors to participate in the country’s gold trade.

Despite being the world’s largest producer and consumer of the precious metal, China has little say over the pricing of gold in the global market. Authorities hope to gain greater influence over pricing by granting global investors access to the country’s 3.2 trillion yuan (522.8 billion U.S. dollars) gold trading market.

The new international board hopes to challenge current gold market leaders London and New York. So far, it has attracted dozens of foreign members, including renowned international commercial and investment banks but it did not release their names. (QNA)

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